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US cities embrace cryptocurrency, part two

The mayor of Miami is also working to expand cryptocurrency options in the Florida city.

Mayor Francis Suarez said he would take his paychecks in Bitcoin and wants residents to be able to pay fees and taxes in the cryptocurrency.

Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez told Bloomberg News.

US city embraces cryptocurrency

A Tennessee city hopes to become the first in the nation to offer its employees cryptocurrency as a payroll conversion option.

The Jackson Sun reports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the city’s cryptocurrency converter.

“We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” the mayor told the news outlet.

He said the move will diversify ways city employees can receive payment and allow the city to pay contractors in Bitcoin.

What is NuCypher, continued

This allows users to share private data with a number of others in a secure way.

Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.  

Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.

What is NuCypher?

NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network was launched.

NuCypher specifically operates as a decentralized key management system that uses blockchain technology.

What is Cardano?

Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.

It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.

The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

Who is behind Algorand?

The Algorand Foundation based in Singapore is behind the project.

Algorand claims that it speeds up transactions and improves efficiency when compared to bitcoin and other blockchains.

What is Algorand?

Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.

It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).

The computer scientist has also won the Turing Award for his work in the area of cryptography.

Crypto.com coin price prediction

The Crypto.com Coin cryptocurrency hit a record high on November 15, reaching $0.52 at its peak, according to CoinMarketCap.

In comparison, it was sitting at just $0.05966 on January 1 this year.

The Crypto.com token has increased in value thanks to a number of factors.

For example, it has secured several high-profile sponsorship deals in 2021 including the UFC, Formula One Racing, and Matt Damon’s Water.org.

From December, the Staples Center – home to the Lakers and Clippers – will also be called Crypto.com Arena.

Whether the Crypto.Com Coin continues to soar in value remains to be seen, but plenty of crypto fans have still made predictions.

For example, Wallet Investor expects the token to hit a value of $0.538 in one year and $0.8023 in five years.

Meanwhile, Digital Coin Price has set a 2021 forecast of $0.7036, a 2023 value of $0.9636 and it expects a 2028 price of $2.09.

Who founded crypto.com?

Kris Marszlek has been the Chief Executive of Crypto.com since June 2016 and is based in Hong Kong.

Bobby Bao is a co-founder and managing director of Crypto.com, which was formerly known as Monaco.

Gary Or is another co-founder and is the head of technology at Foris – a universal money app, according to topionetwork.com.

The other co-founder is Rafael Melo, who, according to Topio Network, has 15 years’ experience in finance.

Crypto.com coin, continued

Crypto.com itself is one of the fastest-growing cryptocurrency businesses in the world.

Keegan Francis, crypto editor and expert of Finder, told The Sun the coin has many uses, but most notably is that it can be used to stake crypto on the mobile app in order to get the Crypto.com Visa debit card.

He added: “Staking higher amounts of CRO across the platforms rewards users with more features and rewards.

“Investors need to keep in mind that the token itself is tied directly to the success of the Crypto.com ecosystem.

“That being said, Crypto.com has taken the initiative to decentralize CRO by building it into their own decentralized blockchain called Crypto.org.

“This is a good step for them to take in order to ensure the longevity of their token.

“It creates less dependence on the company itself, and begins to build out an independent community of developers, and market participants.”

What is crypto.com coin?

The Crypto.com Coin is the native token of the Crypto.com and Crypto.Org ecosystems.

Also known as CRO, it launched at the end of 2018.

The Crypto.com chain was created to build a network of crypto projects and to develop merchants’ ability to accept crypto as a form of payment, according to its website.

Businesses can use Crypto.com pay checkout and/or invoice to allow customers to pay for goods and services with crypto using the wallet app.

The firms then receive their payments in CRO, stable coins or in fiat currency, which is government-issued money like dollars or pounds.

No guaranteed returns

There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.

There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.

Check out these other ways to spot scammers in the crypto space.

Microstrategy spends $414 million on Bitcoin

The business intelligence company led by Michael Saylor revealed in a November 29 Securities and Exchange Commission filing that it bought 7,002 bitcoins between October 1 and November 29.

MicroStrategy reportedly spent $414million on the coins.

The company now has a reported stockpile of 121,044 bitcoin tokens.

R.I.P. Mr Goxx, the crypto-trading hamster

Sadly, Mr Goxx, the crypto-trading hamster, passed away on November 23.

The tragic news was shared on Mr Goxx’s official Twitter account.

“We feared this day like no other and are truly shocked for it to happen just now,” Mr Goxx’s Twitter account tweeted on Wednesday.

“In deep sorrow, we have to announce the loss of our beloved furry friend.”

The account continued: “Being with us as a pet for quite a while, he became famous out of nowhere. Mr. Goxx has brought joy to people all across the globe and reminded us not to take life too seriously.

“He shed light into dark moments of pandemic, inflation and many kinds of trouble.”

‘Decision tunnels’

The amount to be traded is determined when Goxx runs through one of two “decision tunnels”.

Depending on which tunnel he runs through, the amount he will buy or sell the cryptocurrency changes in 20 euro increments.

All of the data is rigged to a computer that makes the transactions in real-time on Goxx’s behalf.

Goxx’s creators

Speaking to the BBC, the two 30-something German men behind Mr Goxx the crypto-trading hamster explained that the idea started as a joke.

“We felt that everything keeps getting more expensive these days and building savings is super-hard to achieve with high rents to pay,” they said.

“It seems like most people from our generation see no other chance than throwing a lot of their savings on the crypto market, without having a clue what’s going on there.

“We were joking about whether my hamster would be able to make smarter investment decisions than we humans do.”

Crypto-trading hamster, continued

The four-legged financial fiend was not completing transactions himself, of course.

Instead, Goxx’s trading decisions were made inside a camera-rigged “office” attached to his regular cage.

Every day, when he entered the office, a stream was started on Twitch and a tweet was sent out to his followers notifying them that trading had begun.

The hamster then ran on an “intention wheel” that chose one of 30 different cryptocurrencies to trade.

A crypto-trading hamster outperformed market

A hamster in Germany previously traded in cryptocurrencies and consistently outperformed the S&P 500.

The furry animal, called Mr Goxx, was busy working since June, thanks to a specially adapted cage.

He determined which currencies to buy or sell by running on his wheel or walking through one of two tunnels.

Mr Goxx started trading on June 12 this year.

The site states that the page is just for fun and does not offer financial advice.

Crypto wealth and luxury goods

Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.

The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.

The group, comprised of people under 35, is increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.

While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.

What is the Metaverse? continued

Meta’s VR boss Andrew Bosworth said: “The metaverse is a set of virtual 3D spaces where you can share immersive experiences with each other when you can’t be together.”

“What comes after the internet? Instead of looking at a screen, you get to be in the experiences.

“You don’t have to experience it in VR. Most people initially will experience it on screens they already have.”

Facebook’s Mark Zuckerberg called it “the next version of the internet,” and predicted the true metaverse will be ready within the decade.

What is the Metaverse?

The Metaverse has a broad definition. It is an internet, but it is immersive – so you live within it.

The platform will have games, social networks, videos, shopping, health and fitness and more.

What are Altcoins, continued

Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”

“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”

What are Altcoins?

Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions. 

Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.

Alexis Ohanian on co-founder of Ethereum, Vitalik Buterin, Conclusion

“I’ve never been more excited about the potential of the Internet,” Ohanian added.

“And that’s largely thanks to Vitalik Buterin.”

Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.

Alexis Ohanian on co-founder of Ethereum, Vitalik Buterin, Continued

“No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.

“From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”

“Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”